Mortgage rates are still at historic lows, which is good news for many homeowners looking to refinance. This can benefit borrowers in many ways, such as lowering monthly payments or shortening a mortgage’s term to pay it off sooner, just to name two. Just like when applying for a mortgage to purchase a home, refinancing requires the submission of financial, employment and credit documentation, and also requires closing costs. Still, many homeowners see the benefits of refinancing, and how it can help them reach their financial goals.

If you are still wondering if refinancing is a good option for you, or trying to understand when is the “right” time, please read our top five benefits of refinancing your home:

Reduce the monthly payment

This is the most common reason homeowners are looking to refinance, and we understand why! By refinancing at a lower interest rate than that of the original mortgage, monthly payments can reduce by a significant amount, saving a homeowner money in the long run.

Pay off a mortgage faster

Some homeowners opt to refinance their home with a shorter term. This results in fewer monthly payments overall, so the mortgage is paid off sooner. While refinancing from a 30-year mortgage to a 15-year mortgage may result in higher monthly payments, it will also help a homeowner build equity in their property faster, and the shorter term will save money by reducing total interest paid over time.

Make upgrades to a home

Did you know you can refinance to restore your home? A renovation loan gives homeowners a convenient, economical way to make renovations or repairs, and increase the value in their home through improvements, all in one loan with one monthly payment. This refinance option is available to borrowers of all income levels, on almost any type of property.

Cash out some equity

When paying a mortgage, the first few years of payments go more towards the interest than paying down the principal. However over time, the mortgage payments will be directed more and more toward reducing the principal amount borrowed, thus building equity. Some homeowners choose to refinance and “cash out” this equity to pay for unforeseen financial needs.

Reduce or remove mortgage insurance

Most homeowners, unless they put down a large deposit when purchasing their home, pay a monthly mortgage insurance. This is on top of their regular principal and interest paid. But for homeowners who have paid down a significant portion of their balance owed, refinancing can allow them to reduce or entirely remove their monthly mortgage insurance.

If you would like to see what you could specifically achieve by refinancing, please reach out to a Norcom Loan Officer today!

During this time of social distancing, it is crucial that our employees, borrowers, and industry peers such as realtors and attorneys stay safe, while we continue to provide the seamless lending experience that we have worked hard to put in place. Norcom has the technology to help you with your mortgage process, while safely in your current residence.

First is the Norcom Mortgage Easy Street App. This app allows our borrowers to view their basic loan, closing, and payment information, 24/7 in the app. Borrowers are also able to simply and securely upload their documents, without the need of a fax machine or scanner. We will keep borrowers updated on the status of your mortgage, as it moves through the process, with app push notifications. This app is also a great tool for realtors, as it provides easy to use mortgage calculators, automatic notifications, and easy to access contact information.

We also are able to offer Day 1 Certainty to our borrowers. This means, borrowers can allow Norcom to collect data directly from their financial institution. This eliminates the need for paper statements, which would have to be collected and delivered. This process also allows us to obtain tax return information directly from the IRS, removing the need for tax returns.

Lastly, we are able to offer our borrowers and closing attorneys our electronic closing platform, dubbed Swift Sign. This digital solution streamlines the closing process, saving both time and paper, and significantly reduces time spent at the closing table in an attorney’s office. Mike Dimech, SVP Operations Manager, stated, “Norcom Mortgage is excited and proud to be the first CT-based lender to offer electronic closings to our customers. By maintaining a true, 100% digital loan process, our borrowers will see drastic improvements over the traditional paper mortgage process while Norcom will further develop our internal efficiencies.”

We want to reassure those looking to purchase or refinance their home that we are still here to help. Please reach out to a Norcom loan officer via phone or email. We are happy to help you, and are confident that we can deliver a great mortgage experience through our online platforms.

This is the season of love, so why not show your home some TLC! We’re not talking Valentine's Day décor, although there are many options available. After the hectic holidays, your home may still be cluttered or suddenly feeling lackluster. Here are 5 simple ways you can make your home your Valentine this year:

Deep Clean

Cleaning your home can change your perspective about your space and make you feel more at ease. Try focusing on a room in your house you have overlooked, and spend time cleaning windows, vacuuming hard to reach places, and deep cleaning area rugs or carpeting. You could be amazed at the transformation!

Hang Art

And we don’t mean going out and finding one of a kind pieces to show off to your friends. There are plenty of affordable options for stunning and transformative pieces for your walls.

Download art from websites such as Etsy.

Enlarge and frame your favorite photos. Mixtiles.com and other websites offer simple solutions to printing your photos rather than just keeping them on your phone.

Go to a paper or stationary store, you can find gorgeous wrapping paper or other specialty materials that can be framed to add color and pattern to any wall.

Go bold with a whole ‘gallery wall’ by hanging many frames on one wall.

Get cozy with new linens

If you have been using the same bedding for years, a new feather topper and duvet set in luxe materials can turn your bed into that of a 5-Star resort. Opt for high quality, machine washable, and classic colors to ensure your investment lasts!

Switch out lighting

Lighting can be the first thing that enhances the mood of a room in your house. LED bulbs and “smart lighting” will help you save on your energy bill and if you don’t want to spend on changing any hardwiring, plug-in dimmers, sconces, and overhead lighting can transform a room.

Host a dinner party

After investing in these upgrades to your home, don’t forget to show it off. Making memories in your cozy space with friends and family is the best way to show your home TLC. Host a dinner party and fill your home with love and laughter!

With the Holidays approaching and the new decade right around the corner, it’s challenging not to get wrapped up in the stress this time of year can bring. Between the constant traffic, bad weather, and eager shoppers, one can feel as though they're struggling to find time to even think! However, the traffic means we have many places to be. The bad weather reminds us we have a warm bed waiting at home. The sold out gifts mean we have people to give them to. For many people, this is not the case.

This time of year leaves many feeling lonely, and your small acts of kindness can go further than you think. Here’s a list of 10 small acts of kindness you can do to make someone’s day that much better:

Leave nonperishable snacks & drinks for delivery workers

Bring in donuts, bagels, or coffee for your co workers

Donate foods, drinks, and paper goods to a local food bank

Pay for someone’s coffee at the drivethrough or behind you in line

Bake cookies for your Fire Departmant, Police Department, and EMTs

Donate pet supplies to the local animal shelter

Help someone carry out their groceries

Leave money taped on a vending machine

Volunteer serving at the local soup kitchen

Leave a generous tip to a server

This festive time of year, we can be focused on seeing family members we don’t always get to see, giving gifts to our loved ones, and spending time with the people we cherish most. Through small acts of kindness, you can help make someone else’s most stressful time of year, their most wonderful.